Leading by example: Walking the talk on corporate decarbonisation

As I write this, monsoon floods continue to batter the northern, northeastern and central Thailand. It is just the beginning – extreme weather is set to be the new normal given the escalating environmental challenges that Thailand has been facing and will continue to face in the upcoming years. 
The effects of climate change are undeniable. As corporate leaders, it is our responsibility to lead the pivot towards a more sustainable future; one that will ensure that our planet continues to be hospitable to our descendants. 
Financial institutions like UOB Thailand play a pivotal role in this transition. Not just by advocating for our clients to embark on a decarbonisation journey, but by also steering our organisation and employees towards a low carbon economy.
UOB Thailand is the first bank in Thailand to achieve operational carbon neutrality, and we have maintained that status since 2021. We seek to lead by example to show that the road to running an environmentally responsible business may be challenging, but certainly not impossible.
Because the bulk of our direct operational carbon emissions stem from electricity purchases in our buildings, our decarbonisation strategy hinges upon sustainable building management and better energy efficiency.
For existing buildings such as UOB Plaza Bangkok, our head office, and UOB Phetkasem, we have implemented smart building systems, including smart lighting and high-performing chillers, resulting in an energy use intensity (EUI) of 139.4 kWh/m2 per year and 142.1 kWh/m2 last year, respectively. 
These levels fall below the global average EUI for average commercial buildings, estimated to be 160-170 kWh/m2 per year, and certainly far below the EUI for real estate in Thailand at 219 kWh/m2 per year.
The improved energy efficiency levels are also in line with the requirements for the Green Mark Platinum certification, an industry-recognised standard by Singapore’s Building and Construction Authority.
With UOB Sathon (formerly known as Sathon and Goodwood buildings) now undergoing major renovation, we plan to achieve green building certification for all three of our wholly-owned buildings in the country. 
We are similarly focused on reducing carbon emissions at our branches as much as we can, while integrating sustainability into the very design of the facilities. 
Our new green branch in Rayong for example, will include a low emissivity façade within the building envelope to support indoor air quality management. Together with high-performing air-conditioning and ventilation systems, we expect the branch to provide consistently clean air and comfortable indoor temperatures while maximising energy efficiency.
We also started rooftop solar installations for UOB Phetkasem and UOB Sathon this year. When our entire project is completed across our buildings and applicable branches, we will be able to generate solar power for our own energy consumption, and help avoid around 200 tonnes of carbon dioxide-equivalent emissions. 
Our goal is for our UOB buildings and branches and retrofitting efforts in Thailand to serve as standard bearers for our future facilities as we continue to contribute towards the country’s decarbonisation targets. 
Alongside efforts to decarbonise our buildings and branches, we have rallied our employees to brainstorm on creative ways to inculcate greener behaviours. Given the impact of waste on daily life and its significance to the quality of life in Bangkok, we chose to focus on enhancing our waste management practices.
In 2021, we launched the Waste to Wonder initiative to raise awareness of the impact of waste management among the UOB employees working at our wholly-owned buildings, and to encourage them to segregate and recycle waste better.
Thanks to the participation of our employees, we recycled 78,000kg worth of waste last year–a mix of paper, plastic, aluminium, glass and food waste. A well-developed communications strategy that included educational content and fun challenges kept everyone engaged. 
We also installed composting facilities with a daily capacity of processing 20kg worth of organic waste at UOB Plaza Bangkok and UOB Phetkasem. The compost generated is used in our own building landscaping and passed on to employees who enjoy gardening. 
This year, we moved our Waste to Wonder initiative into a higher gear by introducing a Race to Zero Waste challenge for our employees. At our buildings, there is a champion assigned for every floor who is tasked with organising a collective effort across the floor to segregate waste correctly and in turn help reduce the amount of general waste that gets sent to landfills. 
Our efforts are paying off. Since the competition started, we have seen a significant reduction in waste generated per floor per month and higher recycling rates. 
This has been recognised by the city government, with UOB Thailand named as a corporate model for Waste Management in the bank category, in a competition organised by Bangkok Metropolitan Administration (BMA). We were also the only bank to meet BMA’s criteria for “Zero Waste Organisation”. 
It has been assuring to know that our employees have been highly engaged and motivated to be more sustainable and contribute to the organisation’s sustainability efforts. Some have told me that they now feel empowered to manage their own waste and to create a positive social impact. I hope that these positive habits can be extended to their lives at home too.
Capitalising on the success of our Race to Zero Waste challenge, we have now expanded the programme to include a similar competition for our employees working at our branches across the country.
Another significant portion of our emissions is derived from our corporate vehicle fleet, which we will be replacing completely with electric vehicles (EVs) by 2030. This will help reduce the carbon emissions from our vehicle fleet by almost 70 per cent. Even though refleeting means reducing our Scope 1 emissions and increasing our Scope 2 emissions from electricity purchases, we expect to see a 9 per cent reduction in our total direct operational emissions. 
The decision to transform our corporate vehicle fleet was driven by both environmental and commercial reasons, and is reflective of the regulatory and conducive shift towards the green economy in Thailand. 
EV charging is now roughly half the price of petrol. We estimate that we would be spending 70 per cent less to maintain a green fleet versus a petrol-based fleet of corporate vehicles. 
While we are making good progress on our own sustainability journey, we are acutely aware that executing an effective decarbonisation strategy takes time. It is however, not just an environmental imperative; it is a business necessity. 
We encourage all businesses in Thailand to join us on this journey. By embracing decarbonisation, we can collectively build a resilient, low carbon economy that benefits not just our companies, but society and the planet as a whole.
Wasinee Sivakua is Country Function Head of Finance & Corporate Real Estate Services at UOB Thailand.